-6-
would have the purchaser sign a note and “put me on the lien on
the house.” Petitioner did not, however, introduce any of these
alleged notes or any other documentation regarding these “loans.”
Regarding office expenses, petitioner explained he operated
both of his businesses from one office and testified that the two
businesses shared expenses, such as phone lines, secretaries, and
other office workers. Petitioner did not introduce any
documentation, however, to show the amount of any of these office
expenses.
In addition, petitioner testified that he was licensed with
“realty commissions,” the “Insurance Department,” and the
National Association of Securities Dealers. Yet petitioner did
not introduce photocopies of any of these licenses, nor did
petitioner have any invoices or documented proof of payment for
the alleged annual licensing fees. Petitioner also testified
that he was annually assessed personal property tax on the assets
in his businesses, yet he did not introduce any documentation
regarding these expenses.
Regarding advertising expenses, petitioner testified that he
spent money on “leads”--mass mailings undertaken by advertising
companies, as part of his insurance and investment business, but
he did not testify or submit documentation regarding the
advertising expenses he incurred in his real estate business.
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Last modified: May 25, 2011